Who's gonna protect SEC? 🪖
Fake SEC tweet rocks Bitcoin, wipes out $50 million in derivatives. And it becomes an NFT. Community bet on ETF approval. 90% of Bitcoin holders in profit. Lazarus Group's transactions.
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It is D-Day: January 10.
Crypto community was expecting the big ETF approval news.
The SEC's X account pulled a fast one (unintentionally) by tweeting about an approval for spot Bitcoin ETFs.
Spoiler alert: It was fake news!
Then SEC Chair Gary Gensler clarified that the SEC has not approved any spot Bitcoin exchange-traded products.
But, various news outlets initially reported the false information before the SEC's clarification.
The SEC confirmed the tweet was unauthorised and not made by its staff, stating the account was compromised.
The SEC emphasized that any ETF approval would be communicated through its EDGAR database and published in the Federal Register, not via X.
Bitcoin's price experienced a surge and subsequent drop following the false tweet, (surged 2.5% before falling roughly 7%) resulting in over $50 million of leveraged derivatives positions being wiped out within an hour.
Two-Factor Authentication Issue: X's Safety team indicated the SECgov account did not have two-factor authentication, allowing unauthorised control over a phone number linked to the account.
Reactions👇🏻
A decision on spot Bitcoin ETFs from ARK Invest and 21Shares is expected by Jan. 10, with potential implications for other asset managers.
Lawmakers Demand Accountability:
Senators J.D. Vance and Thom Tillis have expressed serious concerns about the SEC's cybersecurity following the breach of its X account.
They are calling for a detailed report from SEC Chair Gary Gensler about the Jan. 9 incident, with a deadline set for Jan. 23.
Senator Bill Hagerty called for answers, comparing the situation to accountability standards for public companies.
Senator Cynthia Lummis emphasized the need for transparency due to the potential impact of such announcements on market manipulation.
Charles Gasparino of Fox Business👇🏻
The industry figures says👇🏻
But, overall, nothing to worry👇🏻
Now its an NFT
Gary Gensler's clarification tweet has been given a digital life of its own as an Ordinals Inscription NFT, thanks to the crafty hands of digital artist Billy Restey.
Restey's creative twist on Gensler's tweet stands proudly as the 53,995,422nd inscription on the Bitcoin blockchain.
TTD Bet💰
The crypto community is heavily betting on the approval of a spot Bitcoin ETF in the US this week.
Polymarket Bets: Over $6.7 million in bets have been placed on Polymarket, predicting an 85% chance of SEC approval by January 15.
This Bitcoin ETF bet has become Polymarket's largest prediction pool, surpassing even bets on the 2024 U.S. Republican presidential nominee.
What did the fake SEC tweet cause?
Efforts to get a spot Bitcoin ETF approved in the U.S. have persisted for over a decade, consistently hindered by SEC concerns over scams and market manipulation.
Over the past year, Bitcoin's value has increased by 168%, with a current price above $46,000.
Where’s ETF?🚨
The approval of a spot Bitcoin ETF in the US could have significant implications for Coinbase and MicroStrategy stock👇🏻
TTD HODLers 🤝🏻
Holders are in profit despite false tweet.
Over 90% of Bitcoin holders are currently in profit following the cryptocurrency's surge to $46,000 according to Glassnode.
The false tweet led Bitcoin's price reaching $47,900 before falling to $46,000.
Some analysts suggest the recent rally could lead to a sell-off, with Bitcoin potentially retracting to around $40,000.
On-Chain Support and Resistance
Bitcoin has strong support at $42,000.
A breach above $48,000 resistance might pave the way to $55,000 due to a lack of significant supply zones.
Widespread Profitability
This is the first time since November 2021 that such a high percentage of Bitcoin addresses are in profit.
The decision to hold or book profits remains uncertain for these investors.
TTD Lazarus 🦹🏻
The Lazarus Group, a North Korean hacker collective, moved over $1 million in Bitcoin on Jan. 8, following a period of inactivity.
Transaction Details
27.371 BTC (worth $1.2 million) transferred from a suspected cryptocurrency mixer.
A portion (3.343 BTC worth $150,582) sent to a previously inactive address.
Post-transaction, the Lazarus Group's portfolio is estimated at $79 million.
While their exact intentions are unclear, the transfers could hint at upcoming activities.
Group's Notorious Background
Allegedly state-sponsored by North Korea.
Employed tactics like fake job offers and impersonating venture capitalists.
Accused of stealing around $3 billion between 2017 and 2023.
Responsible for the Ronin Bridge hack, the largest in crypto history, with over $600 million stolen.
A TRM Labs report indicated that North Korea-affiliated hackers, including the Lazarus Group, were involved in a third of all crypto exploits in 2023, amassing around $600 million.
TTD X 🐦
X (formerly Twitter) has reduced the monthly cost for gold checkmark verification from $1,000 to $200.
The decision follows a report indicating that verified accounts were being used to promote crypto scams.
Cybersecurity firm CloudSEK found that threat actors targeted X accounts with gold check verification to execute job and crypto scams.
Scammers took over inactive accounts, converted them to gold accounts, and used the verification to promote crypto scams.
Some scammers offered to sell these verified accounts for up to $2,500.
New payment system
X also plans to introduce peer-to-peer payments this year.
Specific details about the payment system's functioning and official launch date are not yet disclosed.
As per a blog post, the introduction of these payments aims to enhance user utility and commerce opportunities.
Current Licensing Status: X Payments LLC, the payment subsidiary of X, has obtained money transmission licenses in 14 states, according to the Nationwide Multistate Licensing System website.
TTD Surfer 🏄
Celsius has filed an intent to claw back funds from creditors who withdrew over $100,000 in the 90 days before the bankruptcy.
Crypto custody business BitGo has obtained in-principle approval from Singapore's financial regulator for a Major Payment Institution license.
Blockchain analytics firm Chainalysis has appointed Omesh Agam as its Chief Information Security Officer.
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